After reading “Financial Realities in the Frum World”, “Introducing Your Children to the Financial Realities of Frum Life” and “Changing the Language of the Tuition Debate” – there were many questions, some answers and nothing really conclusive other than there needs to be a change in “the system”.
The whole tuition debate brings to my mind a larger question – how are people making it through the major milestones of frum life and what are people earning that they can exist on a year to year basis?! The numbers boggle the mind & do not seem to add up. If it’s a challenge to pay basic bills and tuition is “killing people” – now add in summer camp?! Then there comes the major frum milestones of bar-mitzva, Yeshiva|Seminary, chassonas and post-chassona set-up – how are people accomplishing this? Credits cards, tzedukah, home equity or ?????
Being in IT, I earn a decent income, B”H – yet we are just barely scraping by with no real money to put away in savings. It doesn’t seem to me that the majority of the frum world is earning 100K – some are certainly earning much more and I believe that they are in the 10% minority. $200K seems to be a very real guestimate as the needed income based on being able to live a middle class lifestyle, afford tuition, summer camp and be able to put away a few thousand per year to save for the major frum milestones.
So my questions are:
1. How much are the majority of frum people earning on average?
2. How are they preparing for the major frum milestones?
3. How are they making it through the major frum milestones?
So while everything comes from Hashem and the amount is set on Rosh Hashannah – does anyone have insight into the financial secret behind being frum?
First published Aug 19, 2008